What is the property tax rate in Madison County?

The combined effective property tax rate in Madison County, Kentucky is approximately 0.83%.

Madison County Property Tax Calculator (2026) — Kentucky Property Tax Almanac

Property Tax in Madison County, 2026

A calculator and field guide for Richmond-area homeowners — and for anyone considering a move to Madison County — including Kentucky's 100% fair cash value assessment (KY Const. §172), the $49,100 Homestead Exemption for 65+ or totally disabled (indexed every 2 years), HB 639 (2025) creating a NEW dedicated disabled-veteran exemption ($240,000 AV exemption for 100% P&T in 2026, rising to $400,000 by 2030 — effectively full exemption for most KY homes), and HB 44's 4% revenue cap (limits district revenue growth, not bills).

Madison County, home to Richmond and 95k Kentuckians, operates under Kentucky\'s straightforward 100% fair cash value property tax system. Real estate is assessed at 100% of fair cash value (KY Constitution §172) — no assessment ratio reduction. Tax = AV × rate / $100. Combined rates include state property tax (~$0.115/$100 of AV), county, city, school district, and special district levies. HB 44 (1979) caps district revenue growth at 4% — when total AV in a taxing district rises, rates must roll back so the district collects no more than 4% additional revenue from existing property (excluding new construction). Cap can be exceeded by public hearing + possible recall vote.

How the bill is built

Kentucky property tax follows a 3-step calculation. Step 1: Fair Cash Value. The Madison County Kentucky Property Valuation Administrator (Kentucky uses elected Property Valuation Administrators, NOT assessors) determines fair cash value annually using sales comparables. Step 2: Apply exemptions. The Homestead Exemption ($49,100 AV reduction for 2025-2026, indexed every 2 years) applies to owner-occupants 65+ or totally disabled. The HB 639 (2025) Disabled Veteran Exemption ($240,000 AV cap for 100% P&T in 2026, rising to $400K by 2030) replaces the Homestead when a vet qualifies — they don\'t stack. Step 3: Apply tax rate. Tax = (AV − exemptions) × rate / $100. Madison County\'s combined rate is ~$0.83/$100 of AV (= $0.83% effective rate against full FMV, since AR is 100%).

Kentucky\'s 100% AR distinguishes it from most Southeastern states. Most Southern states use sub-100% assessment ratios — Alabama uses 10% for Class III residential, Mississippi uses 10%, South Carolina uses 4% for Legal Residence. Kentucky uses 100%, which means the rate visible on the tax bill IS the effective rate against full FMV. This produces clearer comparisons against Northern/Midwestern states (which also typically use 100% AR or rates expressed against full value). Kentucky\'s ~0.83% statewide median effective rate is below the US median of ~1.10% but well above Alabama\'s ~0.40%.

HB 639 (2025) was a major expansion of disabled-veteran property tax benefits in Kentucky. Before HB 639, disabled veterans only received the regular $49,100 Homestead Exemption — meaningful but limited. HB 639 created a NEW dedicated, tiered exemption: 100% P&T disabled vets receive a $240,000 AV exemption in 2026, rising to $260K (2027), $300K (2028), $340K (2029), and $400K by 2030. Partial disability ratings receive prorated amounts (10% rating = $5,000 minimum). Surviving spouse retains if continued residency. For Kentucky\'s many military communities (Fort Knox / Hardin, Fort Campbell / Christian), the new exemption produces effectively full property tax exemption for most homes.

HB 44 (1979) caps district revenue growth at 4%. When total assessed values in a taxing district rise, tax rates must roll back so that the district collects no more than 4% additional revenue from existing property (excluding new construction). Districts can exceed the 4% limit only by holding a public hearing — and if a sufficient number of taxpayers file a petition, the rate increase goes to a public vote. This mechanism doesn\'t cap individual tax bills directly, but limits how much total revenue a district can collect — providing structural stability against tax-bill spikes during rapid value appreciation.

2026 Madison County rate breakdown ($ per $100 of AV (100% fair cash value, no AR reduction), Richmond district)

Taxing entity	Rate
Combined consolidated rate (~$0.83 / $100 of AV)	0.8300
Combined total	0.8300

As of April 26, 2026 · From Madison County Kentucky Property Valuation Administrator.

Note: Madison County is **home to Eastern Kentucky University** — Richmond (~37K, the seat) hosts the EKU campus (~16,000 students). The county is also home to **Berea** (~16K) and Berea College (founded 1855 as the South's first interracial and coeducational college, today a tuition-free liberal arts college famous for its work-study program where every student works at the college, ~1,600 students). The county sits on I-75 ~25 miles south of Lexington and has been the site of substantial Lexington-area suburban growth since 2010. Major employment includes EKU, Berea College, and the **Bluegrass Army Depot** (which historically stored chemical weapons before their destruction was completed in 2023).

Note: Madison County effective property tax rates run approximately **0.83% — moderate by Kentucky standards**. Combined consolidated rate is ~$0.83/$100 of AV. Median home values around $235K combined with the moderate rate produce median annual bills around $1,951.

Note: For relocation buyers: Madison County offers **the celebrated central-Kentucky university+arts** option — EKU and Berea College university amenities, the celebrated Berea Arts and Crafts heritage (Kentucky's "Folk Arts and Crafts Capital" — a designation by the Kentucky Legislature since 1988), Daniel Boone National Forest recreation, and reasonable Lexington commute (~25 min via I-75). The trade-off: limited high-skill commercial sector outside the universities and Bluegrass Army Depot.

Deductions and exemptions for 2026

Kentucky homeowner property tax relief is concentrated in three mechanisms: (1) the $49,100 Homestead Exemption (KRS 132.810, indexed every 2 years) for owner-occupants 65+ OR totally disabled, (2) the HB 639 Disabled Veteran Exemption ($240,000 AV cap for 100% P&T in 2026, rising to $400K by 2030), and (3) the HB 44 4% revenue cap for taxing districts. Kentucky uses 100% AR — no assessment ratio reduction.

$49,100 Homestead Exemption (65+ OR Totally Disabled)

Kentucky\'s Homestead Exemption (KRS 132.810) is $49,100 AV reduction for the 2025-2026 biennium. The amount is indexed every 2 years for inflation (was $46,350 in 2023-2024). Available to homeowners 65+ OR classified as totally disabled under any government-administered retirement system program (Social Security, VA, etc.). At Kentucky\'s typical 0.95% effective rate, saves roughly $470/year. One-time application for seniors (carries forward automatically); annual recertification for disability-based qualification. File Form 62A350 with the County PVA.

HB 639 Disabled Veteran Exemption (NEW 2025)

HB 639 (passed 2025) created a NEW dedicated disabled-veteran property tax exemption with tiered benefits by VA disability rating. 100% P&T disabled vets receive a $240,000 AV exemption in 2026, rising annually to $260K (2027), $300K (2028), $340K (2029), and $400K by 2030. Partial disability ratings receive prorated exemptions ($5,000 minimum at 10%). Surviving spouse retains if continued residency. The Vet Exemption and Homestead don\'t stack — the Vet Exemption replaces the Homestead when both would qualify. For Kentucky\'s many military communities (Fort Knox / Hardin, Fort Campbell / Christian), the Vet Exemption produces effectively full property tax exemption for most homes (median KY home values are well below the $240K cap).

HB 44 4% Revenue Cap (1979)

HB 44 (1979) caps district revenue growth at 4% — when total assessed values in a taxing district rise, tax rates must roll back so that the district collects no more than 4% additional revenue from existing property (excluding new construction). Districts can exceed the 4% limit by holding a public hearing — and if a sufficient number of taxpayers file a petition, the rate increase goes to a public vote. This mechanism doesn\'t cap individual tax bills directly, but provides structural stability against tax-bill spikes during rapid value appreciation.

Appealing your assessment

Kentucky property tax appeals follow a 3-tier process. Level 1: PVA Conference. Schedule a conference with the County Property Valuation Administrator (PVA) by May 1 or the deadline shown on your assessment notice. The PVA reviews and may adjust. Level 2: Local Board of Assessment Appeals. If unresolved, appeal to the Local Board within 30 days of the PVA conference. Level 3: Kentucky Board of Tax Appeals. Local Board decisions can be appealed to the Kentucky Board of Tax Appeals within 30 days. From there to Circuit Court. Most Kentucky appeals are resolved at the PVA conference or Local Board level.

Cities and towns in Madison County

Madison County contains 2 incorporated municipalities, ranging from Richmond to the smallest village. Search volume for property tax is often city-specific, so here is the complete list — with population from the 2020 US Census, rounded to the nearest 100.

Data: US Census Bureau, 2020 Decennial Census. Populations rounded. Cities marked as "split" straddle a county border — the portion inside Madison County is subject to Madison County's tax rolls, while the portion outside is subject to the adjacent county's.

City or town	Type	Population (2020)
Richmond County seat	city	37,000
Berea	city	16,000

About city-level property tax rates: The rate breakdown and calculator on this page reflect the Richmond tax district. Other cities in Madison County may pay into different school districts, city rates, and special districts — so their combined rates can differ, sometimes substantially. Always verify the specific rates for your address with the Madison County Kentucky Property Valuation Administrator before relying on any estimate.

Frequently asked questions

When are Kentucky property taxes due?

Kentucky property taxes are typically due by December 31. Tax bills are usually mailed in October. Late payments after January 31 of the following year accrue penalty (typically 5% if paid within 30 days, plus interest). Most counties offer a 2% discount for early payment (typically by November 1 or November 30, varying by county). Most Kentucky homeowners pay through escrow via mortgage servicer.

How does the Kentucky $49,100 Homestead Exemption work?

Kentucky\'s Homestead Exemption (KRS 132.810) reduces the assessed value of your primary residence by $49,100 for the 2025-2026 biennium. Available to homeowners 65+ OR classified as totally disabled (Social Security or any government-administered retirement system program). The amount is indexed every 2 years for inflation (was $46,350 in 2023-2024). At Kentucky\'s typical 0.95% effective rate, saves roughly $470/year. One-time application for seniors (carries forward automatically); annual recertification for disability-based qualification. File Form 62A350 with the County PVA.

What is the HB 639 disabled veteran exemption?

HB 639 (passed 2025) created a NEW dedicated disabled-veteran property tax exemption with tiered benefits by VA disability rating. 100% P&T disabled vets receive a $240,000 AV exemption in 2026, rising annually to $260K (2027), $300K (2028), $340K (2029), and $400K by 2030. Partial disability ratings receive prorated exemptions ($5,000 minimum at 10% rating). Surviving spouse retains if continued residency. The Vet Exemption and the regular Homestead Exemption don\'t stack — the Vet replaces the Homestead when both qualify. For Kentucky\'s many military communities (Fort Knox, Fort Campbell), the new exemption produces effectively full property tax exemption for most homes (median KY home values are well below the $240K cap).

What is HB 44 and how does the 4% cap work?

HB 44 (1979) caps district revenue growth at 4% — when total assessed values in a Kentucky taxing district rise, tax rates must roll back so that the district collects no more than 4% additional revenue from existing property (excluding new construction). Districts can exceed the 4% limit by holding a public hearing — and if a sufficient number of taxpayers file a petition, the rate increase goes to a public vote. This mechanism doesn\'t cap individual tax bills directly, but provides structural stability. HB 44 has been a defining feature of Kentucky property tax stability for over 40 years.

How do I appeal my Kentucky assessment?

Kentucky property tax appeals follow a 3-tier process. Level 1: PVA Conference. Schedule a conference with the County Property Valuation Administrator (PVA) by May 1 or the deadline shown on your assessment notice. Level 2: Local Board of Assessment Appeals. Within 30 days of PVA conference. Level 3: Kentucky Board of Tax Appeals. Within 30 days of Local Board. From there to Circuit Court. Most appeals are resolved at the PVA conference or Local Board level.

About Madison County

Beyond the property tax — a few things you might not know about the place.

Weird fact

Berea College is **the only US college that charges no tuition to ANY student** — every student receives a 4-year tuition scholarship (currently valued at ~$176,000 over 4 years) in exchange for working 10-15 hours per week at on-campus jobs. The college has operated this model continuously since 1855 (when it was founded as a deliberately interracial coeducational college during slavery — making it the first such institution in the southern United States). Berea College admits only students from low-income families (typically the bottom 30% of US income). The college has educated approximately 33,000 students under this model since 1855. Berea is also celebrated for its student-craft program (the Berea College Crafts) — student-made furniture, weaving, broomcraft, and pottery have been sold commercially since the 19th century and are housed in the celebrated Berea College Crafts gift shop.

Hometown hero

Daniel Boone

The legendary American frontiersman Daniel Boone (1734-1820) — who blazed the Wilderness Road through the Cumberland Gap in 1775, opening Kentucky to American settlement — has substantial Madison County connections. Boone's **Boonesborough** (the original settlement he founded in 1775, on the Kentucky River in Madison County) is preserved as Fort Boonesborough State Park. Boone served as the lieutenant colonel of the Kentucky County militia from Madison County. Other notable Madison County figures include **John Fox Jr.** (1862-1919, the American novelist whose "The Trail of the Lonesome Pine" 1908 was the first novel to sell over 1 million copies in the United States — born in Stony Point, Bourbon County, KY but wrote much of his work about the Cumberland-Madison region) and **EKU football coach Roy Kidd** (born 1932, won 314 career games — among the most in Division I-AA football history).

Biggest annual event

Berea Craft Festival + EKU football

The Berea Craft Festival (annual, second weekend of July at Indian Fort Theater, since 1982) is **one of the largest juried craft festivals in Kentucky** — drawing 25,000+ attendees with 100+ Kentucky craftsmen featuring traditional broomcraft, weaving, woodworking, and pottery. EKU Colonels football home games at Roy Kidd Stadium (capacity 20,000) and the celebrated EKU Marching Band performances are major regional events.

Property Tax in Madison County, 2026